Driven by a typical slowdown in new listing activity prior to a holiday weekend, the net number of homes on the market in San Francisco (a.k.a “inventory”) dropped 10 percent over the past week and currently totals 1,200.
That being said, with the pace of home sales in San Francisco having dropped even more, there are now over 40 percent more homes on the market than there were at the same time last year and over twice as many homes on the market than there were prior to the pandemic.
At the same time, the percentage of homes on the market with an asking price that has been reduced at least once has ticked up another percentage point to 30 percent, which is 8 percentage points higher than at the same time last year and 12 percentage points higher than prior to the pandemic.
As we’ve noted in the past, inventory levels in San Francisco typically peak in June but also typically jump over 10 percent following the 4th of July holiday weekend. We’ll keep you posted and plugged-in.